BAC - set for the $17s

Whilst the broader market saw minor chop, there was notable strength in the financials - ahead of the latest Fed stress test. Bank of America (BAC) settled higher by 2.1% @ $16.12.  A key break above resistance in 16.70s look viable within the near term.. offering a key monthly close in the $18s by early summer.


BAC, daily

BAC, monthly

Summary

Suffice to say.. BAC remains my favourite financial stock across the longer term. In terms of price action, it has been struggling since the start of the year, but now looks set for renewed upside.

*A BAC monthly close in the $18s (unlikely until at least April/May) would bode for much higher levels in the broader market for the rest of the year.